The Hartford on Thursday reported a 35% increase in its second-quarter profits, as the property and casualty insurer’s board of directors approved a new $3.3 billion share repurchase program.
Meantime, The Hartford’s stock price Friday morning was trading at historic highs, reaching $108.79 as of 11:15 a.m.
That’s The Hartford’s highest stock price since it became a separate entity from ITT in 1995. The Hartford’s highest previous closing price was $106.02, recorded in 2007.
The Hartford-based insurer said it earned $733 million, or $2.44 per diluted share in second-quarter profits, up from $542 million, or $1.73 per diluted share in the year-ago period.
Revenues for the quarter were $3.48 billion vs. $3.2 billion a year earlier.
The Hartford’s Chairman and CEO Christopher Swift said the company’s “outstanding” financial results were driven, in part, by “robust top-line growth” within the company’s commercial lines business.
The Hartford also said it experienced higher property and casualty insurance underwriting gains, higher net investment income, and an improvement in its group benefits loss ratio.
Its second-quarter catastrophe losses, from storm damage and other issues, totaled $280 million vs. $226 million a year earlier.
The new board-approved $3.3 billion share repurchase program will become effective Aug. 1, 2024, through the end of 2026, the company said.
